Co. have accelerated and the two sides appear closer to reaching an agreement on protecting the editorial independence of The Wall Street Journal, according to news reports Monday, June 25, 2007. (AP... (Associated Press)

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A plan to safeguard the Wall Street Journal's editorial independence awaits the approval of the Bancroft family now that Dow Jones and News Corp. have "basically agreed" on an arrangement, a source tells Reuters. The Bancrofts still must approve the deal, which also applies to Dow Jones Newswires and removes a significant obstacle to Rupert Murdoch's $5 billion bid.

The Dow Jones board took over control of the negotiations from the Bancrofts last week and agreed on terms with News Corp. late last night (or this morning, according to the Journal). The bid on the table is for $60 a share, and analysts say that the price could drop as low as $30 if Murdoch were to withdraw his offer.